I plan on acquiring a leasehold flat in Gloucestershire. My property lawyer is not listed on the bank approved panel. Am I still permitted to use my Gloucestershire conveyancing solicitor notwithstanding that they are not on the mortgage company panel?
Your options include
- Carry on with your preferred Gloucestershire lawyer but your bank will undoubtedly instruct a conveyancer from their approved list. The net result is additional charges and likely frustration.
- Get a fresh solicitor to conduct the conveyancing, obviously checking they are on the mortgage company conveyancing panel.
- Convince your solicitor to apply to join the bank panel
My husband and I are approaching an exchange on a flat in Gloucestershire and my parents have transferred the exchange deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your conveyancing practitioner is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am buying a new build house in Gloucestershire with the aid of help to buy. The builders would not move on the amount so I negotiated £7000 of additionals instead. The property agent told me not to tell my lawyer about the extras as it may affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
When it comes to leasehold conveyancing in Gloucestershire what are the most common lease problems?
Leasehold conveyancing in Gloucestershire is not unique. All leases are unique and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Skipton Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I own a leasehold flat in Gloucestershire, conveyancing formalities finalised 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Gloucestershire with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease ends on 21st October 2084
With just 66 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
What can I do to establish who owns a property in Gloucestershire?
On the basis that the property is recorded at the Land Registry, and you have sufficient information of the address of the premises, you should be able to see results from the HM Land Registry of the recorded proprietor for a for less than a fiver.